Euro Pacific Capital CEO Peter Schiff has commented on the declining price of Bitcoin over the last few days. The stockbroker is well known for being bearish on Bitcoin and the recent price crash has added fuel to the fire.
“As Bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year. As the air continues to come out of this bubble, the faithful will always be able to point to a past date from which the price of Bitcoin is still up,” he wrote yesterday, when Bitcoin fell 20% in a matter of hours.
As #Bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year. As the air continues to come out of this bubble, the faithful will always be able to point to a past date from which the price of Bitcoin is still up.
Then today, the price of Bitcoin fell even further, dropping another 20%. Schiff added, “With Bitcoin crashing below $4,000 I don't feel so bad about having lost all my Bitcoin. At the rate my lost Bitcoin are losing value soon the difference between having Bitcoin and not having any Bitcoin will be too small to matter.”
With #Bitcoin crashing below $4,000 I don't feel so bad about having lost all my Bitcoin. At the rate my lost Bitcoin are losing value soon the difference between having Bitcoin and not having any Bitcoin will be too small to matter.
Schiff was originally given $50 in Bitcoin from ShapeShift CEO Erik Voorhees, before donations from the crypto community topped that up to 0.4 Bitcoin, worth $2,200 at current prices. But he later revealed he had never saved his private key—essentially a password used to access and spend the Bitcoin—and ended up losing access to it.
Schiff, who is a big proponent of gold, compared it with Bitcoin’s recent performance. He pointed out that Bitcoin performed 10 times worse than gold yesterday, which saw a minor decline.
Sure #gold is down 2.5% today, but #Bitcoin is down 25%, or ten times as much. Is this really digital gold?
At the time, the spot price of gold had fallen from $1,670 down to $1,630—a two percent decline. Bitcoin, on the other hand, had crashed 25% from $8,000 to $6,000 over the same timeframe.
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